Employees whose financial affairs are in order can focus more on work and less on money worries at home. If you offer financial literacy training as an, include these tips from the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.
Researchers there say people who do the following stand the best chance of building lasting financial security:
- Make a habit of saving money
- Never miss credit or loan payments
- Avoid carrying credit card balances
- Keep more than 10% of the value of all assets in some liquid form, such as checking and savings accounts, money market funds and certificates of deposit
- Make sure total debt service (principal and interest) doesn’t exceed 40% of total income.